KARACHI: National Bank of Pakistan (NBP) will finance Frontier Works Organisation’s (FWO) strategic and commercial projects in Pakistan, NBP President Saeed Ahmed told Dawn on Tuesday.

The NBP president along with his top officials met the FWO Director General Muhammad Afzal last week in Rawalpindi in this regard.

“We are going to finance many projects which are either commercial or have commercial value,” said Mr Saeed. He said the FWO needs financing for water, railways, roads, tunnels and other projects. National Bank is already working with FWO but the organisation wants more funding for their projects.

“The FWO does not require any concessional rates for financing; they are equally competitive,” said Mr Saeed while adding that other banks like Habib Bank are also working with FWO.

Afzal said the organisation’s requirement is huge, making it impossible for a single bank to meet their financing needs. “National Bank could be a lead bank for a consortium to fund FWO projects,” added Mr Saeed. The projects of FWO are mainly located in north of Pakistan and some projects are linked with China Pakistan Economic Corridor.

The NBP also issued a press release on Tuesday quoting General Afzal that all affairs of FWO are conducted “totally on commercial basis and business considerations.”

Published in Dawn, April 11th, 2018